Canadian Dollar and US Dollar Morning Update November 27, 2014
USD/CAD Open: 1.1242-1.1244 Overnight Range: 1.1236-1.1287
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $72.31 and gold is at $1,197. US futures are closed. Today, there are no major data releases.
The short term Canadian dollar technicals are negative. For today, USD resistance is at 1.1395. Support is at 1.0925.
Markets should be quiet today with the US thanksgiving holiday. Oil prices remain weak in advance of today’s OPEC meeting. A cut in production could boost oil prices, but that is not expected. Oil prices have fallen by about 30% since June. USD/CAD should be rangebound for the most part. For the USD/CAD catalyst, it’s all about the economy.
Today’s Suggested Range USD/CAD: 1.1200 – 1.1300
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange
T: 416-274-9332 | T: 1-877-355-KBFX (5239) ext. 101 | Trading Floor: 416-479-0834 |
100 King Street West, First Canadian Place | Suite 5700 | Toronto | Ontario | M5X 1C7
www.knightsbridgefx.com
To unsubscribe from receiving this update, please reply with “unsubscribe” in the subject line. Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
By Admin | November 27, 2014 | Daily Update |
0 comments